Case-Shiller Index: Home prices up 1.3% In May

Home prices in the Top 20 Metropolitan Areas rose 1.3% in May, according to the Standard & Poor’s Case-Shiller Index. This was the second consecutive monthly increase. The big winner was Minneapolis with a 2.8% increase over April. Las Vegas was alone in suffering a drop of 0.5% over the previous month. The biggest loser in this current market downturn continues to be Las Vegas where prices are off 56.4% from their peak. Overall, home prices in the Top 20 Metropolitan Areas are down 29.1% from their July, 2006 peak .

Here’s a look at how the individual Top 20 Metropolitan Areas are performing:

Phoenix: Up 0.9% over April, down 51.2% from their peak.

Los Angeles: Up 1.7% over April, down 36.2% from their peak.

San Diego: Up 1.1% over April, down 34.8% from their peak.

San Francisco: Up 1.7% over April, down 34.9% from their peak.

Denver: Up 0.6% over April, down 8.6% from their peak.

Washington DC: Up 1.5% over April, down 27.5% their peak.

Miami: Up 0.9% over April, down 47.9% from their peak.

Tampa: Up 0.9% over April, down 41.9% from their peak.

Atlanta: Up 2.0% over April, down 21.0% from their peak.

Chicago: Up 1.2% over April, down 27.7% from their peak.

Boston: Up 1.6% over April, down 14.5% from their peak.

Detroit: Up 0.7% over April, down 46.2% from their peak.

Minneapolis: Up 2.8% over April, down 28.3% from their peak.

Charlotte: Up 0.3% over April, down 14.3% from their peak.

Las Vegas: Down 0.5% over April, down 56.4% from their peak.

New York: Up 0.8% over April, down 21.0% from their peak.

Cleveland: Up 1.0% over April, down 14.3% from their peak.

Portland: Up 1.2% over April, down 20.7% from their peak.

Dallas: Up 1.5% over April, down 5.2% from their peak.

Seattle: Up 1.2% over March, down 23.7% from their peak.

Overall, prices made a strong increase in May, possibly indicating a turnaround in the market.